The Financial Services and Markets Act 2000 (Exemption) Order 2001

PART II U.K. PERSONS EXEMPT IN RESPECT OF ACCEPTING DEPOSITS

16.  A municipal bank, that is to say a company which was, immediately before the coming into force of this Order, exempted from the prohibition in section 3 of the Banking Act 1987 M1 by virtue of section 4(1) of, and paragraph 4 of Schedule 2 to, that Act. U.K.

Marginal Citations

M1 1987 c. 22; section 3 was amended by paragraph 3 of Schedule 5 to the Bank of England Act 1998 (c. 11). “Municipal bank" was defined in section 103 of the Banking Act 1987, which was amended by paragraph 22 of Schedule 3 to the Local Government Act 1992 (c. 19) and by paragraph 21 of Schedule 3 to the Local Government and Rating Act 1997 (c. 29).

17.     U.K.

(1) Keesler Federal Credit Union, in so far as it accepts deposits from members, or dependants of members, of a visiting force of the United States of America, or from members, or dependants of members, of a civilian component of such a force.

(2) In sub-paragraph (1), “member", “dependent" and “visiting force" have the meanings given by section 12 of the Visiting Forces Act 1952 M2 and “member of a civilian component" has the meaning given by section 10 of that Act.

Marginal Citations

M2 1952 c. 67; the definition of “visiting force" was amended by paragraph 14 of Schedule 15 to the Criminal Justice Act 1988 (c. 33).

18.  A body of persons certified as a school bank by the National Savings Bank or by an authorised person who has permission to accept deposits. U.K.

19.  A local authority. U.K.

20.     U.K.

(1) Any body which by virtue of any enactment has power to issue a precept to a local authority in England or Wales or a requisition to a local authority in Scotland, or to the expenses of which, by virtue of any enactment, a local authority in the United Kingdom is or can be required to contribute.

(2) In sub-paragraph (1), “enactment" includes an enactment comprised in, or in an instrument made under, an Act of the Scottish Parliament.

[F1 21.   The Council of Europe Development Bank.] U.K.

Textual Amendments

F1 Sch. para. 21 substituted (5.6.2002) by The Financial Services and Markets Act 2000 (Financial Promotion and Miscellaneous Amendments) Order 2002 (S.I. 2002/1310), arts. 1, 4(2)

22.  A charity, in so far as it accepts deposits— U.K.

(a) from another charity; or

(b) in respect of which no interest or premium is payable.

23.  The National Children’s Charities Fund in so far as— U.K.

(a) it accepts deposits in respect of which no interest or premium is payable; and

(b) the total value of the deposits made by any one person does not exceed £10,000.

24.  An industrial and provident society, in so far as it accepts deposits in the form of withdrawable share capital. U.K.

[F2 24A.   A credit union, within the meaning of the Credit Unions (Northern Ireland) Order 1985.] U.K.

Textual Amendments

F2 Sch. para. 24A inserted (1.12.2001) by The Financial Services and Markets Act 2000 (Exemption) (Amendment) Order 2001 (S.I. 2001/3623), arts. 1, 4

25.     U.K.

(1) The Student Loans Company Limited, in so far as it accepts deposits from the Secretary of State or the Scottish Ministers in connection with, or for the purposes of, enabling eligible students to receive loans.

(2) In sub-paragraph (1), “eligible student" means—

(a) any person who is an eligible student pursuant to regulations made under Part II of the Teaching and Higher Education Act 1998 M3 ;

(b) any person to whom, or in respect of whom, loans may be paid under section 73(f) of the Education (Scotland) Act 1980 M4 ;

(c) any person who is an eligible student pursuant to regulations made under article 3 of the Education (Student Support) (Northern Ireland) Order 1998 M5 ; or

(d) any person who is in receipt of or who is eligible to receive a loan of the kind mentioned in article 3(1) of the Teaching and Higher Education Act 1998 (Commencement No. 2 and Transitional Provisions) Order 1998 M6 or article 3(1) of the Education (Student Support) (Northern Ireland) Order 1998 (Commencement and Transitional Provisions) Order (Northern Ireland) 1998 M7 .

Marginal Citations

M3 1998 c. 30; see section 22 by regulations made under that section.

M4 1980 c. 44; amended section 29 of the Teaching and Higher Education Act 1998 (c. 30).

M5 S.I. 1998/1760 (N.I. 14); see article 3 and regulations made under that article.

M6 S.I. 1998/2004 (C. 46).

M7 S.I. 1998/306 (C. 14).